CyprusLiving

I received a call the other day from a guy who says he works for http://www.fxgm.eu/Application.aspx

Basically he says they are part of CySEC and they do Forex training.

I'm 23 years old and always been interested in stock markets. They will give me free training and a program to use on the market.

They want a 500 dollar deposit, of which I can pull out at anytime I like.

This is one of the emails I got from them:

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I have sent you two welcome emails. I have created a demo account for your training and I have created a live account for you too.

In the meantime could you please send me a copy of your Passport as well as a utility bill in colour as I need this for compliance. When I get this I will do all the necessary. I would then just need you to complete a online form which will take no longer than five minutes. If you are going to fund your account by means of a debit / credit card then I would need a copy of the front and back of this. For security reasons you can block out the long number but you need to leave the first 4 digits as well as the last 4 digits.

Would you please be able to get the documents to me as soon as you can.

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Does this sound legit?

I found this site http://www.forexpeacearmy.com/public/review/www.bforex.com which I'm not too sure if its the same company.

Their listing on CySEC shows they are situated in Limassol but I got a call from a 22 area code.

Please, if someone could, tell me if my bullshit radar is on here.

speaking personally I wouldn't touch them with a barge pole

Bill

You were cold called by someone who wants a copy of your passport & debit/credit card details.

Alarm bells !.

Forex trading is for sophisticated investors who are aware of the risks i.e. you can lose far more than your initial deposit.

At your age with an 'interest' in stock investing, I would advise you to set up a regular savings scheme with a recognised UK based Investment Trust, reinvesting dividends. Pound cost averaging & compound interest will reward you well over the long term - which is the term the average investor should be looking at.

Short term 'investment' is speculation.

I actually got a similar call, can't recall the specific company but it was the same 500 euro deposit. I too am interested and wanted to learn.

I thought they were offering a free 3 hour presentation (I wouldn't have minded hearing a sales pitch after that) but I'm not putting down the cash to then learn forex isn't something I want to pursue.

bad form really.

Hi,

FXGM are indeed a CySEC regulated company, although I have not had any dealing with them. You need to be aware that FX trading can be very high risk. The company providing the trading platform ofter make money on each trade you make and in some cases, the rates offered carry a margin in favour of the company too. As mentioned, I have no experience with FXGM so I'm not saying this applies to them but you do need to be aware.

Typically I would only expect someone to be FX trading if they have (a) specific knowledge of the industry or (b) are an experienced professional investor and (c) can afford to lose the capital they are trading.

Good luck with it...